NatWest aims to enhance customer experience and streamline operations through access to advanced GenAI technology
NatWest Group has established a partnership with OpenAI, marking the first such alliance between OpenAI and a UK-headquartered bank.
The partnership forms part of NatWest's strategic focus on bank-wide simplification, incorporating AI technologies to respond to customer needs more efficiently and increase productivity across the organisation.
Ambitious in scope, the initiative will potentially accelerate NatWest's deployment of generative AI (GenAI) – systems that can create text, images and other content based on prompts – giving the bank direct access to OpenAI's latest technology while maintaining data privacy safeguards.
Digital Assistant Enhancement
Development of NatWest's digital assistant services stands as a primary focus area. Plans include expanding capabilities of existing AI-powered virtual assistants, Cora+ and AskArchie+, to handle more complex customer tasks.
Forthcoming enhancements will feature new tools for the identification, reporting and resolution of fraud and scams – a growing concern in the digital banking sector.
According to the bank, digital assistants could also help customers better understand their financial position and set future goals.
Scott Marcar, NatWest Group Chief Information Officer, says: “Our strategic focus on bank-wide simplification continues to make life easier for both our customers and colleagues.
“With the needs of customers evolving at an extraordinary pace, it's our role to be a trusted partner and meet their expectations faster and more efficiently than before.”
“AI is already playing a vital role in our digital transformation; helping colleagues across the bank to serve customers in a more personalised and productive way.
“We now have the potential to accelerate this even further by accessing OpenAI's newest technologies and expertise,” Scott adds.
Colleague Support and Customer Experience
For NatWest staff, working with OpenAI could deliver more sophisticated tools to assist with customer support, including fraud prevention and complaints handling across the bank's Retail, Commercial and Wealth divisions.
Angela Byrne, CEO of Retail Banking at NatWest Group, notes: “Around 80% of our retail customers bank with us entirely digitally, which is why continually innovating to deliver the best digital experience possible is a non-negotiable.
“GenAI is already transforming how we interact with our customers, both digitally and by better enabling colleagues.”
Currently, the bank reports exploring over 275 AI projects, with approximately 25 use cases in production.
GenAI functionality offered by its Cora+ assistant has shown a 150% improvement in customer satisfaction while reducing the need for human intervention.
Ethical AI Implementation
Responsible and ethical AI deployment remains central to NatWest's technology strategy.
All AI projects will continue operating under principles in its Artificial Intelligence & Data Ethics Code of Conduct, designed to ensure AI serves to educate, protect and empower customers and colleagues.
Giancarlo Lionetti, OpenAI's Chief Commercial Officer, says: “This wide-scale collaboration with NatWest underscores its commitment to deliver industry-leading digital banking experiences.
“The first wave of activities will deliver tangible benefits to both NatWest's customers and employees, while our ongoing work together paves the way for future AI banking innovations.”
NatWest's move represents a significant development in the UK banking sector's adoption of advanced AI technologies, as financial institutions globally seek to harness these tools to improve efficiency, reduce costs and enhance customer experience in an increasingly competitive market.
Angela concludes: “Our work with OpenAI will take this even further through redefined digital experiences and helping to offer even better protection from threats like fraud and financial crime.”
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